[I]f economic irresponsibility is supposed to be punished, why did bonuses for Wall Street executives rise 14%, despite those firms having a direct hand in the subprime crisis, with the top four investment banks paying out almost $30 billion in bonuses?Why were they awarded rather than punished? Because the wealthy have the resources to write themselves off the ledger of responsibility and the poor--once easy targets for predatory advertising--do not have comparative resources to deflect disproportionate blame.
PSN has some ideas for state governments in the absence of leadership in Washington: imposing a moratorium on foreclosures, allowing homeowners to become renters rather than being evicted, and requiring upkeep by those who control foreclosed properties. With the cost of declining property values in the hundreds of billions of dollars and with animal control shelters filling with abandoned family pets resulting from foreclosures, local communities like our own will only be broadly hurt by the failure of states to at least implement some of these ideas.
UPDATE: In the meantime, apartment prices rise in Nashville. Another sign of a declining mortgage and housing market.